Daily Times

The Federal Board of Revenue (FBR) has been authorised to probe foreign income of a taxpayer beyond the past five years as time limitation in this regard has been withdrawn through Finance Bill 2021.

According to the budget 2021-22 documents, the Finance Bill 2021 proposed amendment to Section 114 of the Income Tax Ordinance, 2001. It is proposed amendment in sub-section (5) of Section 114, to insert new proviso, namely:

“Provided further that the time-limitation provided under this subsection shall not apply if the Commissioner is satisfied on the basis of reasons to be recorded in writing that a person who
failed to furnish his return has foreign income or owns foreign assets.”